The Best Western Plus Easton Inn and Suites on Route 50 has new owners.
On Friday, March 29th, the Chesapeake Office of SVN | Miller Commercial Real Estate, working with Exit on the Bay Realty in Grasonville, closed on the sale of the hotel property located at 8708 Alicia Drive along Route 50 in Easton.
Bob Greenlee, Managing Director and Senior Advisor for SVN | Miller, brokered the $6.2M deal, which commanded $205K over the $5.995M asking price.
Greenlee said the 65-room hotel was originally built in 2010 with the intention of being a Country Inn and Suites, but the property sat vacant for two years. It was purchased at auction and opened in 2013. Since then, the hotel has consistently received high marks for quality service and has maintained a AAA rating year over year.
‘It is one of the highest performing hotels within the Best Western system,’ Greenlee said. ‘It is a beautiful property, with well above standard architectural features and interior finishes.’
According to Greenlee, the Ocean Gateway location and building quality made this a ‘very attractive investment’. He said the SVN marketing platform along with the reach and support from SVN’s national hotel group ‘generated tremendous interest with potential buyers from top to bottom of the Eastern Seaboard.’
‘Competitors pushed the price well over the asking price,’ Greenlee said. ‘But in the end Exit’s B.J. Kilby was able to produce a local buyer.’
This sale marks a significant achievement for Greenlee, whose 30-year career began in the hospitality sector of commercial real estate and evolved into providing asset management, valuation and consulting services to the industry as a whole. Greenlee’s practice operates out of the Easton office on Bay Street. The office also serves as a satellite office for SVN | Miller Commercial Real Estate, an SVN franchise within the 220-office global system and headquartered in Salisbury.
‘Together [with SVN], we are able to provide top-level global expertise across the entire real estate transaction,’ Greenlee said. ‘Our unique skill-set brings ultimate value to our clients and it’s what sets us apart from other real estate firms, especially those where commercial property is not their primary focus.’
For more information about SVN | Miller Commercial Real Estate and the Chesapeake Office please contact 443-390-2600.
SVN | Miller Commercial Real Estate, with offices in MD, DE and VA, is a top-performing franchise within SVN’s 220-office global system specializing in advisory, brokerage, consultation, leasing, asset and property management services for clients in the Mid-Atlantic Region.
Alan Boisvert says
Oh boy a Best Western in Easton….they come from miles around for the chance of a lifetime